BHEL gamma exposure, walls and max pain for 9 Oct 2026
Source: NSE end-of-day data, 8 Oct 2026. End of day, not live. Not investment advice.
BHEL levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 429.6: call wall 450, put wall 400, gamma flip 399 (the close sat above it), max pain 430 for the 27 Oct 2026 expiry, put/call OI ratio 0.68, net GEX ₹20.3 cr per 1% move.
- Close
- 429.6
- 8 Oct 2026
- Call wall
- 450
- +4.75%
- Put wall
- 400
- -6.89%
- Gamma flip
- 399
- Max pain
- 430
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.68
- nearest 0.67
- Net GEX
- ₹20.3 cr
- per 1% move
Sign convention on screen: Dealers long calls, short puts. Under the other reading (option writers short every option), net GEX is -₹101 cr per 1% move and there is no gamma flip. Why both are shown.
Gamma exposure by strike
Open interest and OI change by strike
| Strike | Call OI | Put OI | Call OI chg | Put OI chg | Call GEX | Put GEX | Net GEX |
|---|---|---|---|---|---|---|---|
| 410 | 28,16,625 | 28,00,875 | +5,250 | +13,125 | ₹4.3 cr | -₹4.3 cr | ₹0.03 cr |
| 415 | 6,24,750 | 10,15,875 | -2,625 | -1,47,000 | ₹1 cr | -₹1.7 cr | -₹0.65 cr |
| 420 | 25,41,000 | 25,77,750 | -49,875 | -3,91,125 | ₹4.5 cr | -₹4.5 cr | -₹0.04 cr |
| 425 | 7,42,875 | 11,41,875 | +47,250 | +1,94,250 | ₹1.4 cr | -₹2.1 cr | -₹0.74 cr |
| 430 | 16,19,625 | 22,70,625 | +2,88,750 | -3,78,000 | ₹3 cr | -₹4.2 cr | -₹1.2 cr |
| 435 | 14,75,250 | 8,55,750 | +2,49,375 | -3,07,125 | ₹2.8 cr | -₹1.7 cr | ₹1.2 cr |
| 440 | 33,39,000 | 18,29,625 | +8,47,875 | -2,28,375 | ₹6.4 cr | -₹3.5 cr | ₹2.9 cr |
| 445 | 12,86,250 | 8,40,000 | +2,10,000 | -4,43,625 | ₹2.4 cr | -₹1.6 cr | ₹0.83 cr |
| 450 | 74,44,500 | 25,20,000 | +12,31,125 | -84,000 | ₹13.3 cr | -₹4.5 cr | ₹8.8 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 460 | ₹3.5 | ₹0.09 |
| 455 | ₹1.7 | |
| 450 | ₹8.7 | ₹0.1 |
| 445 | ₹0.83 | |
| 440 | ₹2.8 | ₹0.07 |
| 435 | ₹1.2 | |
| 430 | -₹1.1 | -₹0.12 |
| 425 | -₹0.74 | |
| 420 | -₹0.08 | |
| 415 | -₹0.65 | |
| 410 | ||
| 405 | -₹0.36 | |
| 400 | -₹3.1 | -₹0.19 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 19 | 2625 | 3,96,63,750 | 2,67,35,625 | 0.67 | 430 |
| Mon 23 Nov 2026 | 46 | 2625 | 11,55,000 | 10,44,750 | 0.91 | 430 |
| Tue 29 Dec 2026 | 82 | 2625 | 73,500 | 15,750 | 0.21 | 420 |
Wall migration
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | 429.6 | 450 | 400 | 399 | 430 | 0.68 | +30,10,875 | -11,36,625 |
| 7 Oct 2026 | 448.5 | 450 | 450 | 412 | 430 | 0.76 | +39,61,125 | -99,750 |
| 6 Oct 2026 | 451.99 | 450 | 450 | 419 | 430 | 0.86 | +1,00,45,875 | +1,23,53,250 |
Method
Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 85 contracts used, 0 skipped with no solvable volatility, 0 expiring on the trade date left out. GEX is in ₹ crore per 1% move. Full method and sign convention.
Archive: 3 sessions stored since 6 Oct 2026, free, no account.